December 6, 2022

Ripple Price Analysis: XRP Crashes Below 2019 Highs With a 6% Daily Loss

2 min read

XRP/USD – – XRP Rejected At Price Channel Upper Angle

Key Support Levels: $0.5, $0.478, $0.331.
Key Resistance Levels: $0.55, $0.62, $0.7.

The 6% price fall today caused XRP to break beneath $0.55 (2019 highs). It has actually been trading inside a coming down price channel because the start of June. Last week, the coin was turned down at the upper angle of this channel on many days.

Today, XRP dropped listed below a short-term falling wedge developed at the start of July. As a result, it can continue to trend lower up until it can break the upper angle of the descending cost channel.

XRP/USD Daily Chart. Source: TradingView

. XRP-USD Short Term Price Prediction Looking ahead, if the sellers press lower, the very first strong support lies at $0.5. This is followed by$0.478( June lows ),$0.331, and$ 0.4. Finally, included assistance lies at$ 0.35 (Feb 2020 lows). On the other side, the very first resistance lies at $0.55 (2019 highs). This is followed by the upper angle

of the descending price channel. Finally, resistance lies at $ 0.62 (20-day MA), $ 0.7, and $ 0.72(50-day MA) beyond the rate channel. The RSI is in the bearish favor as it sinks further below the midline, indicating increasing bearish momentum. XRP/BTC – XRP Falls Beneath Symmetrical Triangle

Key Support Levels: 1660 SAT, 1550 SAT, 1500 SAT.
Secret Resistance Levels: 1900 SAT 2000 SAT, 2100 SAT.

Versus BTC, XRP was trading inside a symmetrical triangle pattern for most of July. However, over the previous week, the coin had a hard time to break resistance at 1900 SAT, provided by the 20-day MA.

XRP fell underneath the triangle on Saturday, suggesting the bearish direction for the marketplace. The next substantial support now lies at the 200-day MA below.

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XRP/BTC Daily Chart. Source: TradingView. XRP-BTC Short Term Price Prediction

Looking ahead, the first assistance to the disadvantage lies at 1660 SAT (200-day MA & & disadvantage 1.618 Fib Extension). Beneath this, added assistance lies at 1550 SAT, 1500 SAT, and 1365 SAT (.786 Fib).

On the other side, the first resistance lies at 1900 SAT (July 2020 low & & 20-day MA). This is followed by 2000 SAT, 2100 SAT (50-day MA), and 2390 SAT (100-day MA).

Once again, the RIS is sinking underneath the midline, suggesting that the bearish momentum is increasing in the market.